Mortgage Daily Logo
mortgage news from industry experts

9 to 5

9 to 5

Mortgage employment continues to rise, for now

November 5, 2002

By staff

Employment numbers in the mortgage industry continued to rise in the month of October, according to the monthly employment report from the Bureau of Labor Statistics. The improvement comes amidst rising unemployment in the U.S. and a drop in mortgage activity.

The industry, which includes mortgage bankers and mortgage brokers, employed about 398,000 people last month, up from 381,000 in September and 374,000 in August, according to the seasonally adjusted report.

The October number represents 57,000 more lending jobs than the same time last year.

However, a the Mortgage Bankers Association of America’s mortgage loan application index for the week ending Oct. 25 brings some negative news to the positive bureau report: loan applications decreased 19.3% to 911.0 on a seasonally adjusted basis from 1128.3 the previous week.

The record high application index of 1238.2 was set the week ended Sept. 6.

The bureau reported general unemployment during October at 5.7%, the same rate in August. September’s was 5.6%, and the highest unemployment rate in 2002 was 6% in April.

Popular posts

How Long Does It Take to Refinance a Mortgage
How Long Does It Take to Refinance a Mortgage

So, you’re interested in refinancing your mortgage. Maybe you want some extra capital to do that home project you’ve always dreamed of, interest rates are nearing record lows, or you want to start consolidating debt. Regardless of the motivation behind the refinance,...

How Does Refinancing a Mortgage Work
How Does Refinancing a Mortgage Work

A home purchase is considered an investment, and a robust one at that. Savvy owners are constantly looking for new ways to reduce debt, save money, pay less in interest, and ultimately build equity. Refinancing is one way to leverage your investment and do just that....

What Does It Mean to Refinance Your Home
What Does It Mean to Refinance Your Home

You can think of refinancing your mortgage as a debt redo. Essentially, you’ll swap out the existing loan for a new one - ideally with better terms and conditions. Only this time it could help you save money on high mortgage payments, rather than just borrow it....

Setting up the Utilities in My New House
Setting up the Utilities in My New House

All the tedious, time-consuming home closing documents have been signed, sealed, and delivered. Your belongings are packed into what seems like a million boxes and you have a solid plan to haul all your existing furniture to the new place. Just as your boxes and...

When Is My First Mortgage Payment Due?
When Is My First Mortgage Payment Due?

Navigating your way through a brand new mortgage loan can be a difficult task, especially for first time homeowners. After handing over a large sum of money for the down payment and closing costs, it’s important to pay attention to the timing of your first mortgage...


Don’t worry, we don’t spam

calculate your monthly mortgage payment

Related Topics

Helpful Links

Daily mortgage rate trends

Best mortgage lenders

First-time homebuyers programs by state

Loan limits by state

Types of mortgages

APR vs interest rate

Understanding PMI

Related Posts